The government has committed £39 billion to a 10-year Social and Affordable Homes Programme, with a target to deliver at least 60% of homes as Social Rent. The Housing and Planning Minister stated that this target is on course to be exceeded in the first wave of allocations.
Homes England has allocated over £9.5 billion to 33 Strategic Partners to deliver more than 70,000 social and affordable homes outside London. The Greater London Authority is expected to offer allocations of at least £6 billion in the capital.
The Minister acknowledged that the total bids received by Homes England and the GLA for the initial wave of funding exceeded the available amount. However, over £16 billion of funding outside London and around £5 billion in London remains to be allocated from the £39 billion programme.
Other measures highlighted include a 10-year social housing rent settlement at CPI+1%, equal access to government remediation funding schemes for social landlords, and £2.5 billion in low-interest loans over the current Spending Review period. Reforms to the Right to Buy scheme are also being taken forward through the Social Housing Bill.